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President Tinubu Greenlights Launch of Consumer Credit Scheme

President Tinubu orders the suspension of cybersecurity levy
President Tinubu orders the suspension of cybersecurity levy

President Bola Tinubu has given the green light for the commencement of the first phase of the highly anticipated Consumer Credit Scheme.

Consumer credit, deemed as the lifeblood of contemporary economies, has received a significant boost with this approval.

The scheme is designed to empower citizens by providing them with upfront access to goods and services, which they can responsibly pay for over time.

This mechanism is crucial for enabling individuals to make essential purchases such as homes, vehicles, education, and healthcare, thereby fostering ongoing stability and the pursuit of aspirations.

By embracing responsible repayment practices, individuals can build credit histories, which in turn unlock further opportunities for a better quality of life. Moreover, the increased demand for goods and services is expected to stimulate local industries and foster job creation.

President Tinubu envisions a Nigeria where every hardworking citizen has access to social mobility, with consumer credit playing a pivotal role in realizing this vision.

The Nigerian Consumer Credit Corporation (CREDICORP) is mandated to achieve the following objectives:

Strengthening Credit Reporting Systems: Ensuring that every economically active citizen has a reliable credit score, which serves as personal equity facilitating access to consumer credit.

Providing Credit Guarantees and Wholesale Lending: Supporting financial institutions dedicated to expanding consumer credit access through guarantees and wholesale lending.

Promoting Responsible Consumer Credit: Cultivating a cultural shift towards growth and financial responsibility by advocating for responsible consumer credit as a pathway to an improved quality of life.

In alignment with the President’s directive to broaden consumer credit access to Nigerians, CREDICORP has launched a dedicated portal for interested parties to express their interest in receiving consumer credit.

Working Nigerians keen on availing consumer credit opportunities can visit to express their interest. The deadline for applications is set for May 15, 2024.

The scheme will be implemented in phases, beginning with members of the civil service before extending to the general public.

The development was revealed to the public by Ajuri Ngelale, the Special Adviser on Media and Publicity to President Tinubu.

This Article is Fact-Checked. See Policy.

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